§ 15-1-112 — Deposits in name of two or more trustees

Colorado § 15-1-112

• Jurisdiction: Colorado
• Title 15: Probate,
• Art.: Fiduciary

Text

When a deposit is made
in a bank in the name of two or more persons as trustees and a check is drawn upon
the trust account by any trustee authorized by the other trustee to draw checks
upon the trust account, neither the payee nor other holder nor the bank is bound to
inquire whether it is a breach of trust to authorize such trustee to draw checks upon
the trust account and is not liable unless the circumstances be such that the action
of the payee or other holder or the bank amounts to bad faith.

Legislative History

Source: L. 23: p. 177, � 10. CSA: C. 67, � 10. CRS 53: � 57-1-10. C.R.S. 1963: � 57-1-9.